We use a range of financial and non-financial metrics to measure Group performance against our 4 objectives: people and safety first, operational excellence, excel in development, and strong sustainability and social licence. 

Non-financial measures

All-injury frequency rate (AIFR)

We define AIFR as the number of injuries per 200,000 hours worked by employees and contractors at our managed operations. It includes medical treatment cases, restricted workday, lost-day injuries, and fatal injuries.

Link to objectives: People and safety first | Operational excellence

Horizontal bar chart titled ‘All‑injury frequency rate (AIFR) per 200,000 hours worked.’ Five years are shown. AIFR is 0.40 in 2021 and 2022, then decreases to 0.37 for 2023, 2024, and 2025. The 2025 bar is highlighted in a darker colour.
  • Performance in 2025

    Our all-injury frequency rate (AIFR) for 2025 was 0.37, consistent with our 2024 performance and better than our Group target of 0.38. While this reflects our continued focus on reducing injuries, we tragically experienced one fatality and one permanent damage injury during the year. We remain deeply committed to learning from these events and ensuring that everyone can go home safe, every shift.  

    Across our operations, we continue to see serious incidents where individuals are exposed to potentially fatal hazards. Our highest number of potentially fatal accidents are from falling objects, falls from height, and vehicle and driving-related events. Addressing these risks remains a core priority as we work to strengthen control effectiveness, enhance risk management and build a learning culture.

Gross Scope 1 and 2 greenhouse gas emissions

We report on our Scope 1 and 2 greenhouse gas emissions using the equity share approach. It includes the equity share of Scope 1 and 2 emissions from managed and non-managed operations expressed in million metric tonnes of carbon dioxide equivalent.

Link to objectives: Operational excellence | Excel in Development | Strong sustainability and social licence

Horizontal bar chart titled ‘Gross Scope 1 and 2 greenhouse gas emissions (adjusted equity basis) in Mt CO₂e.’ Emissions decrease year‑on‑year from 2021 to 2025. Values are 35.61 in 2021, 34.96 in 2022, 34.93 in 2023, 31.74 in 2024, and 31.55 in 2025. The 2025 bar is highlighted in a darker colour.
  • Performance in 2025

    Our 2025 gross Scope 1 and 2 greenhouse gas emissions (adjusted equity basis) were 31.5 Mt CO₂e, a reduction of 0.2 Mt CO₂e from the previous year. Reductions were driven by the increased use of renewable diesel at Kennecott, offset by higher emissions from increased production, particularly in iron ore and copper. 

    As of 2025, our gross adjusted Scope 1 and 2 emissions are 14% below 2018 levels. After applying high-integrity offsets, our net adjusted Scope 1 and 2 emissions are 17% below our baseline. Overall reductions were primarily achieved through renewable energy contracts, including the use of unbundled renewable energy certificates in regions where new energy is under development.  

    In 2025, we expect to retire approximately 1.17 million Australian Carbon Credit Units (ACCUs) to meet our 2025 Safeguard Mechanism compliance obligations.

Gender diversity

Includes our total workforce based on managed operations (excludes the Group’s share of non-managed operations, joint ventures and legacy Arcadium Lithium employees). 

Link to objectives: People and safety first | Operational excellence | Strong sustainability and social licence

Horizontal bar chart titled ‘Representation of women within our workforce.’ The chart shows a steady increase from 2021 to 2025. Percentages are 21.6% in 2021, 22.9% in 2022, 24.3% in 2023, 25.2% in 2024, and 26.3% in 2025. The 2025 bar is highlighted in a darker colour.
  • Performance in 2025

    The representation of women increased from 25.2% in 2024 to 26.3% in 2025, which is short of our target of 26.7%. We saw improvements across all levels of the organisation, with senior leaders increasing from 32.0% to 32.8%, and operations and general support increasing from 18.9% to 20.4%. 

Financial measures

Total shareholder return (TSR)¹

TSR is a calculated as share price appreciation over the preceding 5 years (using annual average share price) with dividends being reinvested. 

Link to objectives: People and safety first | Operational excellence | Excel in Development | Strong sustainability and social licence

Horizontal bar chart titled ‘Total shareholder return (TSR) measured over the preceding 5 years using annual average share price.’ The chart shows a decreasing trend from 2021 to 2025. Values are 263.3% in 2021, 134.3% in 2022, 103.4% in 2023, 79.8% in 2024, and 66.4% in 2025. The 2025 bar is highlighted in a darker colour.
Measured over the preceding 5 years (using annual average share price)
  • Performance in 2025

    TSR performance over the 5-year period was driven principally by movements in commodity prices and changes in the global macro environment. Over the 5-year performance period to 31 December 2025, Rio Tinto’s TSR was 66.4% which was below the TSR of both the S&P Global Mining Index and the MSCI World Index.
1. The TSR calculation for each period is based on the change in the calendar-year average share prices for Rio Tinto plc and Rio Tinto Limited over the preceding 5 years. This is consistent with the methodology used for calculating the vesting outcomes for Performance Share Awards (PSA). The data presented in this chart accounts for the dual corporate structure of Rio Tinto.

Underlying return on capital employed (ROCE)

Underlying earnings excluding net interest divided by average capital employed (operating assets). 

Link to objectives: Operational excellence | Excel in Development

Horizontal bar chart titled ‘Underlying return on capital employed (ROCE).’ The chart shows a consistent decline from 2021 to 2025. Values are 44% in 2021, 25% in 2022, 20% in 2023, 18% in 2024, and 16% in 2025. The 2025 bar is highlighted in a darker colour.
  • Performance in 2025

    Underlying ROCE decreased 2 percentage points to 16%, reflecting stable underlying earnings and higher operating assets as a result of the Arcadium acquisition.

Underlying earnings and underlying EBITDA

Underlying earnings represents net earnings attributable to the owners of Rio Tinto, adjusted to exclude items that do not reflect the underlying performance of the Group’s operations. 

Underlying EBITDA is a segmental performance measure and represents underlying earnings adjusted to remove taxation, net finance items, depreciation and amortisation.

Link to objectives: Operational excellence

Horizontal bar chart showing two values for each year from 2021 to 2025. For 2021, the values are 21,401 and 37,720. For 2022, the values are 13,359 and 26,272. For 2023, the values are 11,934 and 23,892. For 2024, the values are 10,867 and 23,314. For 2025, the values are 10,868 and 25,363. The 2025 right‑side bar is highlighted in a darker colour.
  • Performance in 2025

    Underlying EBITDA increased $2 billion to $25.4 billion driven by higher sales volumes and a 5% reduction in operating unit costs (in 2024 real terms). Underlying earnings of $10.9 billion was stable, reflecting the same factors, offset by higher depreciation, finance items and taxes.

Net cash generated from operating activities

This KPI refers to cash generated by our operations after tax and interest, including dividends received from equity accounted units and dividends paid to non-controlling interests in subsidiaries.

Link to objectives: Operational excellence

Horizontal bar chart titled ‘Net cash generated from operating activities’ in millions of dollars. The values trend downward from 2021 to 2024, then rise in 2025. The amounts are: 25,345 in 2021; 16,134 in 2022; 15,160 in 2023; 15,599 in 2024; and 16,832 in 2025. The 2025 bar is highlighted in a darker colour.
  • Performance in 2025

    Net cash generated from operating activities increased 8% to $16.8 billion, driven by higher sales volumes year on year.

Free cash flow

Free cash flow is net cash generated from operating activities minus purchases of property, plant and equipment, intangibles, and payments of lease principal, plus proceeds from the sale of property, plant and equipment, and intangible assets.

Link to objectives: Operational excellence | Excel in Development

Horizontal bar chart titled ‘Free cash flow’ in millions of dollars. Values decrease each year from 2021 to 2025. The amounts are: 17,664 in 2021; 9,010 in 2022; 7,657 in 2023; 5,553 in 2024; and 4,025 in 2025. The 2025 bar is highlighted in a darker colour.
  • Performance in 2025

    Free cash flow decreased to $4.0 billion, driven by increased growth, replacement and sustaining capital expenditures, partially offset by higher net cash generated from operating activities.

Net (debt)/cash

Net (debt)/cash is total borrowings plus lease liabilities less cash and cash equivalents and other liquid investments, adjusted for derivatives related to net (debt)/cash.

Link to objectives: People and safety first | Operational excellence | Excel in Development | Strong sustainability and social licence

Horizontal bar chart titled ‘Net (debt)/cash’ in millions of dollars. The chart shows a positive cash position in 2021, then increasing net debt through 2025. Values shown are: 1,576 in 2021; (4,188) in 2022; (4,231) in 2023; (5,491) in 2024; and (14,362) in 2025. The 2025 bar is highlighted in a darker colour.
  • Performance in 2025

    Net debt increased to $14.4 billion, reflecting the completion of the $7.6 billion Arcadium acquisition and $6.1 billion in dividends paid during the year, partially offset by $4.0 billion of free cash flow generated and $1.0 billion net project funding received from non-controlling interest shareholders.

Annual report 2025

2025 Annual report
PDF
11.58 MB
Annual Report 2025 – ESEF Format
XBRI
14.18 MB